Not surprisingly, the Yen has garnered some technical short covering in the wake of renewed geopolitical tensions in the Ukraine, but it is also possible that the Yen was simply oversold from a fundamental and technicalperspective. Support in the September Yen moves up to 96.54 and there might be little in the way of resistanceseen today until the 96.80 level.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory.The market’s short-term trend is negative as the close remains below the 9-day moving average. The market tilt isslightly negative with the close under the pivot. The next downside objective is 96.01. With a reading under 20,the 9-day RSI indicates the market is extremely oversold. The next area of resistance is around 96.46 and 96.66,while 1st support hits today at 96.14 and below there at 96.01.